Osisko Announces Record Preliminary Q4 2022 Deliveries and Provides Company Update over 25,000 Geos Earned IN Q4 2022
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OSISKO ANNOUNCES RECORD PRELIMINARY Q4 2022 DELIVERIES
AND PROVIDES COMPANY UPDATE
OVER 25,000 GEOs EARNED IN Q4 2022
Montréal, January 10, 2023 – Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) is
pleased to provide an update on its fourth quarter 2022 deliveries, revenues, cash margin and recent asset
advancements. All monetary amounts included in this report are expressed in Canadian dollars, unless otherwise
noted.
PRELIMINARY Q4 2022 RESULTS
Osisko earned approximately 25,023 attributable gold equivalent ounces1 (“GEOs”) in the fourth quarter of 2022,
for a total of approximately 89,367 GEOs in 2022, representing record quarterly and annual deliveries for the
Corporation.
Osisko recorded preliminary revenues from royalties and streams of $61.9 million during the fourth quarter and
preliminary cost of sales (excluding depletion) of $4.7 million, resulting in a record quarterly cash margin 2 of
approximately $57.2 million (or 92%).
For the year 2022, preliminary revenues from royalties and streams reached a record $ 217.8 million and
preliminary cost of sales (excluding depletion) are estimated at $16.1 million, resulting in a record annual cash
margin2 of approximately $201.7 million (or 93%).
As at December 31st, 2022, Osisko’s cash position amounted to approximately $90.5 million, after repaying, in full,
the $300 million convertible debentures on December 31, 2022 and advancing US$50 million to Sol Gold plc
(“SolGold”) pursuant to the previously announced royalty financing on the world- class Cascabel copper -gold
property. The Corporation’s revolving credit facility was drawn by approximately $150 million at the end of 2022,
with an additional amount of $400 million available to be drawn, plus the uncommitted accordion of up to $200
million.
Sandeep Singh, President and CEO of Osisko, commented: “2022 was an exceptionally positive year for Osisko.
We had successive quarters of record GEOs earned, revenues and cash margins, we added world- class assets
to an already high-quality portfolio, took advantage of volatile markets to buy-back 1.7 million common shares for
$22.1 million, reactivated stream payments from the Renard mine, simplified the business with the deconsolidation
of Osisko Development Corp. realigning Osisko as a pure- play royalty and streaming business and continued to
strengthen and diversify our Board of Directors.
“Our GEOs earned, year-over-year, increased by 12% in 2022 but fell slightly short of the low end of our guidance
of 90,000 ounces. This was partly due to the Eagle mine still working towards steady -state production and the
Mantos mine facing delays in the ramp up of their mill expansion. That extra growth will flow into upcoming quarters
and we expect significant upward momentum in deliveries from both mines going forward. The higher gold-silver
price ratio, experienced mostly in the second and third quarters , also reduced GEOs earned by approximately
1,550 ounces in 2022 versus expectations.
“Our asset base continues to outperform through numerous expansions, mine life extensions and reserve and
resource replacement, and we look forward to continuing to showcase the depth and quality of our asset base
throughout 2023.”
Osisko will provide full production and financial details with the release of its fourth quarter and full year 2022
results after market close on Thursday, February 23rd, 2023 followed by a conference call on Friday, February 24th
at 10am ET. More details are provided at the end of this release.
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RECENT ASSET ADVANCEMENTS AND UPCOMING CATALYSTS
CSA (100% Silver Stream - Pending Transaction Closing)
On December 28 th, Osisko announced that Osisko Bermuda Limited (“OBL”) entered into a revised binding
agreement with Metals Acquisition Corp (“MAC”) with respect to the previously announced silver stream on the
producing CSA mine (“CSA”) in New South Wales, Australia. The key amendment in the revised agreement is a
potential reduction in the upfront deposit amount payable by OBL on closing from US$90 million to US$75 million
for 100% of payable silv er for the life of mine. Between 2019-2021, annual payable silver production from CSA
averaged ~431,000 ounces , or ~5,700 gold equivalent ounces 3 annually (based on commodity prices on
December 22, 2022).
Additionally, OBL entered into a backstop financing agreement with MAC as an update to the previously
announced copper stream option. OBL may provide an upfront deposit of up to US$75 million in respect of a
copper stream on CSA, which MAC may draw in whol e or in part to fund any shortfall in the equity financing
required to complete the acquisition of the mine. If the full deposit is drawn, OBL will be entitled to receive 3.0%
of payable copper until the 5 th anniversary of the closing date (the “First Threshold Stream”), then 4.875% of
payable copper until 33,000 metric tonnes have been delivered in aggregate (the “Second Threshold Stream”),
and thereafter 2.25% for the remaining life of mine. Between 2019-2021, annual copper production from CSA
averaged ~43,000 metric tonnes. Based on historical production levels, average gold equivalent ounces 4
deliverable under the First Threshold Stream and the Second Threshold Stream would equate to between ~5,700
to 9,300 ounces annually (based on commodity prices on December 22, 2022).
Closing of the acquisition is expected in 2023, subject to MAC securing sufficient acquisition financing.
Canadian Malartic Update (5% NSR royalty on open pit and 3-5% NSR royalty on underground)
On November 4th, Agnico Eagle Mines Ltd. (“Agnico Eagle”) announced a binding offer to acquire Yamana Gold
Inc.’s (“Yamana”) interest in its Canadian assets, including the other half of the Canadian Malartic mine (“Canadian
Malartic”). The consolidation of Canadian Malar tic would give Agnico Eagle operational control during the
remaining development period of the Odyssey underground project and would provide the opportunity to monetize
future additional mill capacity at the mine, given Agnico Eagle’s extensive operations and strategic land position
in the region. In addition to the 3-5% Odyssey net smelter return ( “NSR”) royalty, a $0.40 per tonne milling fee is
payable to Osisko on ore processed from any property that was not part of the Canadian Malartic Property at the
time of the sale of the mine in 2014.
On October 26th, Agnico Eagle reported that construction and development activities at the Odyssey underground
project remain on schedule. Shaft sinking activities are expected to commence in January 2023, with pre -
commercial production from the Odyssey South ramp expected in March 2023. In the third quarter of 2022, ten
diamond drill rigs were active at surface and four rigs were active underground. An expanded drill program is
focused on infill drilling at Odyssey South, on drill testing the Odyssey Internal zones and on infill and step -out
drilling at East Gouldie. A r ecent intercept at Odyssey South yielded 5.7 grams per tonne ( “g/t”) gold over 21.8
meters at 367 meters depth. At East Gouldie, the drilling in the core of the deposit continues to return wide, high-
grade intersections, with recent results including 4.6 g /t gold over 50.7 met ers at 1,537 met ers depth. Step- out
drilling to the west of East Gouldie continues to test the western extension and filling the gap between East Gouldie
and the Norrie Zone, with a recent intercept of 4.2 g/t gold over 12.8 met ers at 1,331 meters depth in an area
approximately 100 meters above the Norrie Zone and 670 met ers west of the current East Gouldie mineral
resources (Figure 1).
At a conference in Toronto in November, Agnico Eagle highlighted that recent drilling at Odyssey has extended
East Gouldie to the west by ~670 meters and to the east at depth by ~500 meters, to more than 1,700 meters
from the current mineral resources, demonstrating significant resource growth potential. Recent drilling suggests
the potential connection of the East Gouldie deposit and the Norrie Zone along strike (Figure 1). The presentation
highlighted that, while still in the concept phase, there is the potential for an additional 150,000-250,000 ounces
of annual gold production from Odyssey Extension (West or East) based on the assumption of a second shaft
producing 10,000 to 15,000 tonnes per day at 2.5 g/t to 2.75 g/t gold (link).
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Figure 1: Canadian Malartic Mine – Composite Longitudinal Section
Mantos Blancos Expansion (100% Silver Stream)
On October 31st, Capstone Copper Corp. (“Capstone”) announced that ramp up activities at the Mantos Blancos
Concentrator Debottlenecking Project (“MB -CDP”) continued during the third quarter with increased focus on
achieving operational stability of the auxiliary systems such as the electrical and tailing systems. Ramp- up in
production has been slower than initially expected, however, mill throughput continues to improve and the plant
averaged above design throughput level for 20 of 27 planned operating days in October.
Delivery of refined silver to OBL under the silver stream occurs approximately two months post production at the
Mantos Blancos mine. As a result, Osisko anticipates starting to fully benefit from the expansion in early 2023.
As part of MD-CDP Phase II, Capstone is analyzing the potential to increase throughput of the plant to 10.0 million
tonnes per year (from 7.3 million tonnes per year ) using existing underutilized ball mills and process equipment.
Capstone is also evaluating the potential to extend the life of copper cathode production. The Advanced Basic
Engineering Study is expected to be released in the first half of 2023, and the Environmental DIA application was
submitted in August 2022.
Victoria Gold Update (5% NSR Royalty)
Production throughout 2022 at Eagle was affected by slower than expected ramp up to steady state primarily due
to mechanical availability of the crushing and conveying circuit being lower than expected. The primary reason for
the lower mechanical availabil ity was the conveyor belt failure late in the third quarter resulting in almost three
weeks of downtime. Based on improved operational and maintenance staffing and protocols, it is expected that
gold production will be higher in 2023.
Drilling over the past two years has focused on testing areas below and adjacent to the current pit at Eagle. Results
have extended mineralization to 850 meters depth (previously 350 meters depth) and 500 meters to the west along
strike. A new technical report, including an updated mineral resource estimate, is expected early in 2023 on both
Eagle and the Raven deposit.
Seabee (3% NSR Royalty)
On December 12th, SSR Mining Inc. (“SSR”) reported exploration results from Seabee including both near-mine
resource development drilling adjacent to current underground infrastructure at the Santoy Mine Complex, as well
as more regional activity across the Seabee property. Notably, the regional exploration activity included drilling at
the Porky Main and Porky West targets, with results to- date returning broad intercepts of near -surface
mineralization potentially amenable to open pit mining in the future.
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Additional regional exploration included the initial delineation of the Shane target, which remains open along strike
and is located adjacent to the Santoy Road that connects the mine to the Seabee processing facility. Results at
Shane included 54.3 g/t gold over 4.6 meters. Given the number of prospective targets at Seabee, SSR expects
to expand their exploration program at the mine again in 2023 , to aggressively advance these opportunities
towards potential development.
Island Gold (1.38-3% NSR Royalty)
On November 29th, Alamos Gold Inc. (“Alamos”) reported results from surface and underground exploration drilling
at the Island Gold mine, further extending high-grade gold mineralization in Island West, Island East and at depth
(Figure 2) and highlighting the significant upside potential; not only laterally and at depth, but within newly defined
sub-parallel structures. The majority of highlighted drill intersections are within Osisko’s claims of 2% or 3% NSR
royalty, which is a higher NSR royalty than current production. As of November 25 th, a total of 28,174 meters of
surface directional drilling, 17,984 meters of underground exploration drilling, and 9,707 meters of regional surface
exploration drilling has been completed at the Island Gold Mine.
At Island West, high-grade mineralization has been extended 225 meters west of existing Mineral Reserves and
Resources. At the Island West Hanging Wall Zones, high- grade gold mineralization was intersected within newly
defined sub-parallel zones in the hanging wall (B, G, and G1 zones). These sub-parallel zones are within proximity
of existing underground infrastructure and represent a significant opportunity to add near mine Mineral Reserves
and Resources. At Island East Lower, high-grade gold mineralization further extended down-plunge from the large
high-grade Inferred Mineral Resource block in the lower part of Island East which contained 2.0 million ounces
(3.96 mil lion tonnes grading 15.48 g/t gold) as of December 31, 2021. At I sland Main , high-grade gold
mineralization extended 160 m eters below Inferred Mineral Resources (MH30- 02), representing one of the
deepest intersections to date at a vertical depth of 1,666 m eters. This highlights the significant opportunity for
further high-grade Mineral Reserve and Resource additions with the deposit open laterally and at depth across
the currently defined 2 kilometers strike.
Figure 2: Island Gold – Long Section Highlighting Exploration Drilling Results
Lamaque (1% NSR Royalty)
On December 5th, Eldorado published its updated mineral resource and reserve estimates having an effective date
of September 30, 2022. Lamaque’s Proven and Probable reserves include 4.3 million tonnes of 6.62 g/t gold for
985,000 ounces, which represented a 10% year-over-year decline (or a 7% increase net of annual depletion).
Eldorado plans to spend ~55% of their 2022 exploration budget ($44 million to $48 million) in Canada.
Approximately 112,000 meters of drilling is planned with a focus on brownfields opportunities wi thin the
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Lamaque/Bourlamaque properties, including exploration drift and resource conversion at Ormaque and resource
conversion of C6 and C7 at Lower Triangle. Eldorado has 28,000 drill meters dedicated to the Bourlamaque
property, where Osisko has a 2.5% NSR royalty.
Windfall Gold Project (2-3% NSR Royalty)
On December 8 th, Osisko Mining Inc. (“Osisko Mining”) announced that it had signed a binding term sheet with
Miyuukaa Corp. (“Miyuukaa”), a wholly-owned corporation of the Cree First Nation of Waswanipi , with respect to
the construction of proposed transmission facilities and the transport of hydroelectric power to the Windfall project.
Miyuukaa will finance, build, own and operate a 69 kV dedicated transmission line that will transport hydroelectricity
to the Windfall project minimizing the environmental footprint.
On November 28th, Osisko Mining delivered a positive step forward for the Windfall gold project in Québec with
the release of feasibility study results highlighting full year average production of 306,000 ounces of gold at an
average fully diluted grade of 8.1 g/t gold, an after-tax NPV of $1.2 billion at a 5% discount rate and IRR of 34% .
Osisko Mining anticipates completion of the EIA study and commencement of the permitting process in Q1 2023.
Project financing plans are expected to be announced in the first half of 2023 with a production decision in early
2024.
On October 18 th, Osisko Mining announced a new regional exploration program on its Urban- Barry gold project
located in the Abitibi region in Québec. The program, to begin in early 2023, will focus largely on areas outside the
Windfall gold deposit and will start with 10, 000 meters of drilling, and induced polarization geophysical surveys.
Near deposit exploration targets include a high- potential exploration area identified 1.5 kilometers east-northeast
of the Windfall deposit and on previously identified showings, including Golden Bear and Fox , which are parallel
to the main Windfall deposit.
Cariboo Gold Project (5% NSR Royalty)
On January 3rd, 2023, Osisko Development Corp . (“Osisko Development” or “ODV”) announced results from a
feasibility study on the Cariboo Gold Project (“Cariboo”). Results highlighted a scalable project with a base case
scenario producing an average of approximately 163,695 ounces of gold annually over a 12-year mine life (1.87
million ounces of cumulative gold production) at an average diluted head grade of 3.78 g/t gold. Initial production
(“Phase 1”) for the first three years contemplates a 1,500 t onnes per day operation yielding approximately
72,501 ounces of gold per year. Concurrently, underground development will advance to ramp up operations to
4,900 tonnes per day in year four, increasing annual production to approximately 193,798 ounces of gold per year
in Phase 2. The project delivers a 20.7% IRR and an after -tax NPV of $502 million at a 5% discount rate and
US$1,700 per ounce gold price. The feasibility study utilized initial Proven and Probable reserves of 16.7 million
tonnes at an average grade of 3.78 g/t gold for a total of 2.03 million ounces of gold.
ODV remains on track for completing the Environmental Assessment process early in in the second quarter of
2023, anticipates receiving final permits by the end of 2023, with initial production expected in 2024.
Tintic Project (2.5% Metals Stream)
On November 30th, Osisko Development announced sampling results from its ongoing underground exploration
program at its Trixie test mine (“Trixie”). Assay highlights on 702 chip samples, from 177 mine faces, included the
high grade result of 4,757 g/t gold and 528 g/t silver over 1.22 m eters. Approximately 7,315 meters of surface
reverse circulation drilling and 1,274 meters of underground diamond drilling has been completed to November
15, 2022, which, together with the continuous face and back sampling results, will support the completion of an
initial mineral resource estimate expected in the first quarter of 2023.
AK Deposit (2% NSR Royalty)
On October 26th, Agnico Eagle reported that an assessment is underway to evaluate the Amalgamated Kirkland
Deposit (“AK Deposit” or “AK”) as a potential ore source for its Macassa mine. At a recent conference in Toronto,
Agnico Eagle highlighted the potential for the AK Deposit to produce 30,000- 50,000 ounces of gold starting in
2024.
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The exploration ramp into the AK Deposit was completed in the third quarter of 2022. An infill drilling program from
underground is underway, with 9,983 meters completed in 75 holes by the end of the third quarter of 2022. Recent
results from infill drilling at AK include a highlight intercept of 30.7 g/t gold over 3.6 meters at 64 meters depth.
Further expansion potential of the AK Deposit is now being assessed, as elimination of the property boundaries
from the merger with Kirkland Lake simplifies targeting and exploration in the eastern extension of the deposit.
Upper Beaver (2% NSR Royalty)
On October 26th, Agnico Eagle reported that w ork continues on the engineering for an exploration shaft and the
potential to use existing Kirkland Lake Camp equipment and infrastructure to reduce capital expenditures and
operating costs at the Upper Beaver project. Several development scenarios for Upper Beaver are currently being
evaluated.
At a recent conference in Toronto, Agnico Eagle highlighted the potential for Upper Beaver to produce 150,000-
250,000 ounces of gold as early as 2027. Upper Beaver currently hosts Proven and Probable reserves of
7.9 million tonnes at 5.43 g/t gold for 1.4 million ounces, Measured and Indicated resources of 3.6 million tonnes
at 3.45 g/t gold for 403,000 ounces and Inferred resources of 8.7 million tonnes at 5.07 g/t gold for 1.4 million
ounces.
Cascabel (0.6% NSR Royalty)
On November 23 rd, SolGold announced that investors, including Jiangxi Copper (Hong Kong) Investment
Company Limited (“Jiangxi”), invested US$36 million into the company. Post the financing, Jiangxi owns
approximately 6.3% of SolGold’s outstanding shares. Jiangxi Copper Company Limited, the parent company of
Jiangxi, is one of the largest global producers of refined copper. The investment strengthens SolGold’s balance
sheet and signifies another strong endorsement for SolGold and the Cascabel project.
SolGold is currently undertaking a strategic review process to maximize shareholder value, including a review of
financing alternatives, the spin out of non-core assets and/or a direct or indirect sale of an interest in Cascabel as
well as opportunities to de-risk the project, reduce costs and improve overall economics.
Marimaca Copper (1% NSR Royalty)
On December 15th, Marimaca Copper Corp. (“Marimaca”) announced a high-grade primary sulphide intercept from
hole MAD-22. The full drill hole intersected 240 meters at 1.01% Total Copper (“CuT”) from surface in two separate
zones of oxide and primary sulphide. Sulphide highlights include 92 meters at 2.11% CuT from 140 meters,
including 22 meters at 5.27% CuT from 204 meters (Figure 3). While previous drilling into the down-dip geophysical
targets, identified in 2020 and 2021 , intersected additional mixed and secondary sulphides at depth, MAD -22
represents the first significant primary sulphide int ersection to date and could represent a primary high grade
feeder structure as interpreted in Marimaca’s geological model for the deposit.
On November 7th, Marimaca announced it had entered into a water option agreement to secure future water supply
required for the Marimaca Copper Project. The option will allow Marimaca to advance final project permitting and
technical studies, including water pipeline studies that are already underway.
On October 13 th, Marimaca announced an updated resource update for the Marimaca Oxide Deposit (“ MOD”),
which demonstrated significant resource growth over the 2019 estimate and could support a potential production
rate higher than outlined in the 2020 PEA. The update highlighted a 98% growth in Measur ed and Indicated
resources to 139.6 million tonnes at 0.48% CuT (0.30% Soluble Copper (“CuS”)) for 665,000 tonnes of contained
copper and a 92% growth in Inferred resources to 82.7 million tonnes at 0.39% CuT (0.16% CuS) for 323,000
tonnes of contained copper. Given the increase in resources, Marimaca will be examining 50,000 tonne and
60,000 tonne per year copper cathode production cases versus the 36,000 tonne per year average in the 2020
PEA. A definitive feasibility study on the MOD is planned for the second half of 2023 or early 2024.
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Figure 3: Marimaca – East West Cross Section Looking North, Highlighting hole
MAD-22 within a modelled magnetic anomaly.
Hermosa (1% NSR Royalty)
On October 24th, South32 Limited (“South32”) announced that the feasibility study for the Taylor Deposit remains
on-track to support a final investment decision in mid-2023. Growth capital expenditure at the Hermosa project
was US$46M during the September 2022 quarter, with US$290M expected to be spent in 2023. Dewatering is a
critical path item which will enable access to both the Taylor and Clark orebodies. South32 progressed drilling of
the first two dewatering wells and construction of the second water treatment plant, which remains on -track for
commissioning in the June 2023 quarter.
The selection phase of the Clark pre-feasibility study was expected to be complete by the end of 2022. Subsequent
to the third quarter, South32 commenced phase two metallurgical test work and bulk sample collection to support
pilot plant production at the Clark deposit from mid 2023. South32 continues to evaluate options to accelerate the
development pathway for Clark, supported by the decision of the United States Government to invoke the Defense
Production Act for the production of critical minerals including manganese, and ongoing discussions with potential
customers and end-users of battery-grade manganese.
Patriot Battery Metals (2% NSR Royalty on Lithium)
On December 19th, Patriot Battery Metals Inc. (“Patriot”) released metallurgical test results which showed 79%
recovery to a 5.8% Li2O concentrate using dense media separation alone.
On December 13 th, Patriot reported results from twelve holes from the CV5 Pegmatite. Osisko’s NSR royalty
covers the majority of known pegmatite bodies on the property. Results returned some of the highest individual
lithium grades to date and included 113.4 meters at 1.61% Li 2O including 38 meters at 2.17% Li 2O. Drilling
continues to extend mineralization to the east-northeast, flanked by several secondary lenses, traced over a strike
length of at least 2,200 meters. Mineralization remains open in all directions with wide widths and strong grades
encountered along the currently defined length. A winter/spring drill program is planned to commence in early -
January with three rigs already at site, and an additional two rigs scheduled to mobilize in early Februar y. The
primary objectives of the drill program are to further delineate the extent of the CV5 Pegmatite, as well as infill
drilling to improve the geological model to achieve I ndicated resource confidence to support a subsequent
Prefeasibility Study. A maiden resource estimate is anticipated in the first half of 2023.
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WKP (2% NSR Royalty)
On December 13th, OceanaGold Corporation (“Oceana”) announced results from their 2022 resource conversion
program at Wharekirauponga (“WKP”). Since the March 2022 mineral resource estimate, 5,829 meters were drilled
at WKP, predominantly targeting resource conversion at the EG Vein Zone, in addition to a further 679 meters
supporting geohydrological and geotechnical studies. Results are anticipated to increase confidence in the
geological and grade continuity of the deposit.
Resource conversion and extensional drilling continues with approximately 2,500 meters scheduled for the first
half of 2023 in support of a pre- feasibility study expected to be completed towards the end of 2023. An Indicated
Resource of 1.1 million gold ounces has been determined as the optimal resource size target for defining the initial
development plans for the project study work.
Tocantinzinho (0.75% NSR Royalty)
On November 22nd, G Mining Ventures (“GMIN”) provided an update on the Tocantinzinho Project (“TZ”) in Brazil
highlighting that the project remains on track and on budget for commercial production in the second half of 2024.
Detailed engineering is 43% complete and overall project procurement has progressed to 73% completion.
On October 18th, GMIN announced results from delineation drilling at TZ. The program confirmed the continuity of
higher-grade gold in the main pit area (continuous width of close to 200 meters and to a depth of 400 meters),
confirmed that mineralization extends below the existing pit shell and increased definition areas to be mined during
pre-production. Highlights confirming a high-grade core include 193.6 meters of 1.48 g/t gold including 12.8 meters
of 4.59 g/t gold and 144.7 meters of 1.70 g/t gold including 13.7 meters of 2.41 g/t gold. Highlight intercepts outside
the feasibility pit shell include 72.1 meters of 1.05 g/t gold including 14.8 meters of 3.45 g/t gold.
Regulus Resources (up to 1.5% NSR Royalty on AntaKori)
On December 22 nd, Regulus Resources Inc. (“Regulus”) announced a US$15 million strategic investment by
Nuton, a Rio Tinto Venture. The investment bolsters Regulus’ balance sheet and represents another strong
endorsement of the AntaKori project. Upon closing, Nuton will ow n an ~16.5% interest in Regulus. Regulus and
Nuton will jointly undertake copper sulphide leach testing at AntaKori utilizing Nuton’s technologies. The Nuton
technologies have the potential to process arsenic-bearing copper sulphides with less impact on the environment
and water resources than traditional concentrator processing.
ADDITIONAL HIGHLIGHTS
1) Agnico Eagle reported that work commenced at Akasaba West open pit project in September 2022 with
mobilization of main contractor and initiation of clearing activities (2.5% NSR royalty)
2) Western Copper and Gold announced Rio Tinto exercised its right to extend certain rights under the
investor rights agreement (2.75% NSR royalty)
3) First Majestic announced strong Q3 production from the Ermitaño mine, continued mill improvements to
enhance recoveries (2% NSR royalty)
4) Taseko Mines announced highest quarterly mill throughput at Gibraltar since expansion and see potential
for continued increases (75% silver stream)
5) Osisko Development announced the sale of 7,358 ounces of gold from the San Antonio stockpile
processing in 2022 and 1.1 million tonnes at an average grade of 0.58 g/t gold have been placed on the
pad. ODV is awaiting receipt of change of use land and EA permits from the Mexican government while it
continues its efforts on stockpile processing.
6) Highland Copper announced selection of G Mining Services to prepare a PEA on combined scenario for
Copperwood and White Pine Projects (1.5% NSR royalty & 100% silver NSR royalty)